Daily deal site LivingSocial revealed today that the company posted a net loss of $650 million last year, according to regulatory filings. This was hugely impacted by the declining value of several different companies that were purchased to encourage global expansion.
The Washington D.C. based company saw its revenue stream climb to $536 million last year, more than double than the year prior. However, the company did post a net loss of $499 million in 2011.
The earnings were disclosed in an Securities and Exchange Commission filing for Amazon.com, which owns 29 percent of the firm. As a private company, LivingSocial does not disclose its own financial figures.
Source: Washington Post